African B2B Fintech, Waza, Secures $8m To Market Footprints

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Waza, an African B2B payment and liquidity provider for emerging market companies supported by Y Combinator, has raised $8 million in debt and equity capital to grow into new regions and launch new trade finance products.

As per the report, the funding round consists of $5 million in debt financing from Timon Capital to pilot trade financing for large enterprise clients, in addition to a $3 million seed equity round from investors like Y Combinator, Norrsken Africa, Heirloom VC, Byld Ventures, Plug and Play Tech Centre, and Olive Tree Capital.

The startup claimed it serves hundreds of clients in three distinct categories with varying demands by facilitating business payments and managing liquidity across six continents.

Its present target market is estimated to be worth $7 trillion, with a potential income of $250 billion.

This large cash infusion is anticipated to support Waza’s endeavours to grow its business and improve its platform, which is intended to facilitate business-to-business exchanges throughout Africa.

Currently, the company operates in Ghana and Nigeria.

“By providing a more efficient settlement infrastructure, we are bridging the foreign exchange and liquidity gap and empowering African businesses to access more global trade opportunities that will drive economic growth and development in the markets we serve,” Maxwell Obi, CEO and co-founder of Waza stated.

He added that Waza, which started operating in January 2023 after taking part in Y Combinator’s winter batch that same month, plans to take advantage of this trend and establish itself in the payments industry globally, beginning in Africa.

Obi has previously worked as a founder and operator before founding Waza. He co-founded Amplify, a Nigerian fintech company acquired by Carbon, where he briefly worked. Subsequently, he joined Zepz subsidiary Sendwave.